If you know Bitcoin basics, you know that they are made in process of “mining”, and this is the original way of getting them. Even though it’s getting harder and harder to mine large amounts because of difficulty increase, Bitcoin mining is still profitable, depending on variables such as cost of mining power, price of electricity you’re paying etc. Bitcoin Detector will guide you through easiest and basic ways how you can start mining for Bitcoins – without too much technical details which might confuse you.
Bitcoin mining is done with specialized computers or miners which are getting improved all the time to give better results – meaning, they produce more Bitcoins. Such devices are quite expensive and not everyone can afford them. Besides that, lots of people are always afraid if they will make return of their investment in Bitcoin miner, which depends on factors mentioned above: initial hardware price, cost to run it, fees etc. Alternatives to actually buying mining hardware can be renting of such equipment. Last few years witnessed lots of so called cloud mining websites which offer you to buy contracts for certain mining power and certain period of time. Unfortunately, lots of those sites turned out te be scams, causing the customers to lose their invested Bitcoins. There are still a few such sites who seem to be legit – for example Genesis Mining, but some people also have doubts about them too.
If you’re not too confident in investing big in your own hardware, and don’t trust cloud mining platforms, there is a solution for you. You can easily rent a mining rig on sites such as Mining Rig Rentals or NiceHash.
All three of above sites offer purchase and/or rental of various mining machines, which can mine not only for Bitcoins, but also other cryptocurrencies such as Litecoin, Ethereum, Dash, etc. – hundreds of them. In most cases it is more profitable to rent a mining rig, and mine for some other coin, and exchange it to Bitcoin after that. Markets are volatile, and you never know which coin will be worth more or less at certain point of time.